ROCKFORD, Ill. -- Amcore Financial has announced a definitive agreement to acquire $95 million-asset NBA Holding Co. of Aledo, Ill.

The acquisition is part of Amcore's strategy to acquire financially sound banks with good management that are leaders in their market areas, said president and chief executive Carl J. Dargene in a prepared statement.

NBA had consolidated net income of $1.9 million for 1993, while its Bank of Aledo reported return on assets of 2.23%.

Under the terms of the agreement, $1.6 billion-asset Amcore will exchange more than 1 million shares of its common stock for all 10,000 shares of NBA stock.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.